Genentech has one of biotech's strongest, most well-balanced pipelines, says Robert W. Baird & Co.

WE ARE REITERATING an Outperform rating and $94 price target on Genentech shares. We remain buyers of the stock after the full release of the Tykerb [GlaxoSmithKline's breast-cancer treatment] data set in the New England Journal of Medicine. A more modest benefit for Tykerb patients could reduce its threat to Genentech's rival drug, Herceptin.